Danaher Corp (DHR) is overvalued and Illumina Inc (ILMN) is overvalued.
Both trade above our estimate of their intrinsic value. DHR is the closer of the two: -137%, against -290% for ILMN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $93.43; the price of $221.09 is 137% above that value, and 75% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
Discounting its cash flows at 11.4% (average of 3 methods) values the shares at $63.42; the price of $247.46 is 290% above that value, and 68% of that value comes from beyond year five.
Leak Score 62/100 on 10 of 12 signals
| Metric | DHR | ILMN |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $221.09 | $247.46 |
| Intrinsic value | $93.43 | $63.42 |
| Margin of safety | -137% | -290% |
| Leak Score | 45/100 (10/12) | 62/100 (10/12) |
| Market cap | $155.4B | $37.4B |
| Revenue growth, 5 years | 2.0% | 6.0% |
| Operating margin | 21.2% | 19.9% |
| Net margin | 16.0% | 18.4% |
| Return on equity | 7.6% | 32.4% |
| Debt to equity | 0.53 | 0.89 |
| P/E | 39.3x | 46.1x |
| Forward P/E | 23.8x | 40.7x |
| P/B | 3.0x | 13.2x |
| Dividend yield | 0.6% | — |